Edu Lopez
The Philippine Exporters Confederation, Inc. (Philexport) has appealed to the wage boards in exporting regions for the exemption of indigenous exporters affected by the impact of a strong peso from any salary increases it will be granting.
Philexport executive vice president Atty. Aniano Bagabaldo said indigenous exporters that depend on local raw materials like food, handicrafts, fashion and fine jewelry are already suffering from the brunt of the peso appreciation.
Citing reports from three Philexport chapters and industry associations, Bagabaldo said, there are about 75 companies that have closed shop and over 10,000 workers have been laid off due to the impact of strong currency and US economic recession. A new wage hike may result in more business closures and job losses.
"That is not far off to happen. Thus, the wage boards have to do a balancing act, taking into consideration the needs of the workers and the ability of the exporters to pay."
Aside from closing down and laying off employees, more companies particularly the micro, small and medium enterprises (MSMEs) are expected to go underground if burdened with a new wave of wage hikes, Bagabaldo added.
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